The Germany Pharmaceuticals Market size is projected to touch USD 65.9 billion by 2027, according to a new report by Million Insights. The market is anticipated to register 6.0% CAGR over the forecast duration. Growing prevalence of chronic diseases and rise on the expenditure on research and development are attributing to the growth of the market.
In addition, an increasing number of clinical trials for novel immune-suppressive therapies is projected to bode well for the growth of the market. For example, Sandoz International GmbH introduced Dailiport capsules in June 2020 in European countries including Germany.
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Major market participants are increasingly focusing on strategic initiatives such as merger & acquisition, partnerships and collaboration to consolidate their market presence. For example, Bristol-Myers Squibb made an acquisition of Celgene Corporation in 2019 to expand its product portfolio in oncology.
The rising availability of cost-effective generic drugs is projected to fuel market growth over the next few years. German companies are focusing on introducing the generic drug to consolidate their market presence. For example, Sandoz of Novartis AG, in mid-2019, introduced gefitinib’s generic version.
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